The price of XRP (Ripple) has fallen further following a failed upward correction. The cryptocurrency fell from its high of $3.66 to a low of $2.74.
XRP long-term analysis: bearish
XRP has been forced into a range where bears and bulls are fighting between the price levels of $2.70 and $3.40. However, the price indicator suggests that the cryptocurrency will fall below its current support level of $2.70. A has retraced the candlestick body from July 28 and approached the 50% Fibonacci retracement, as Coinidol.com wrote previously.
The retracement predicts that XRP will fall to the level of the 2.0 Fibonacci extension, or $1.85. In the meantime, the price of XRP is falling and approaching the lower price area of $2.70. The current price of XRP is $2.88.
XRP price indicators analysis
The weekly chart shows that the price bars are above the moving average lines. On the 4-hour chart, the price bars are below the moving averages. On both charts, the moving average lines are horizontal, which indicates a sideways trend. Doji candlesticks are forming while the altcoin maintains its rangebound trend.
Technical indicators:Â Â
Key Resistance Levels – $2.80 and $3.00
Key Support Levels – $1.80 and $1.60
What is the next direction for XRP?
The cryptocurrency is trading in a narrow range on the 4-hour chart. The altcoin is currently trading in a range between $2.75 and $3.10. Selling pressure has been capped at the current support level of $2.75. To prevent XRP from falling further, the bulls are defending the current support level. However, if the current support is breached, XRP price could suffer a decline.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
